NSE Index Sheds 4.26% as Dismal Trading Cuts Short Healthy Bull Run

Transactions on the floor of the Nigerian Stock Exchange, NSE, on Tuesday, May 31, reversed a steady uptick  as the All Share Index drops to 27,671.08 basis points.

This fall was as a result of the active profit taking embarked upon by investors as the bourse resumed trading after the Democracy Day break.

The All Share Index which jumped by 6.6 per cent last week to close at 28,902.55 basis points, plunged by 1,231.47‎ points or 4.26 percent.

Most actively traded stocks in the course of the day’s trade were Fidelity Bank which sold 75.1 million shares worth N99.9‎ million, FBN Holdings with sales of 70 million shares worth N277.6 million and Access Bank which exchanged 24.3 million shares for N137.9 million.

Forte Oil led the days price decliners, dropping N10.31 to close at N195.9 per share, Dangote Cement followed with a depreciation of N8.12 to close at N167.01 per share, while Nigerian Breweries fell by N7 to close at N135 per share. WAPCO also dropped N6.44 to close at N76.57 per share and Guinness lost N5.49 to close at N104.32 per share.

On the other hand, Glaxosmithkline‎ gained the most in price terms, adding 50 kobo to close at N21 per share. Etranzact trailed with a gain of 45 kobo to close at N5.46 per share, while UPL advanced by 22 kobo to close at N4.64 per share.

Transnationwide Express Plc appreciated by 14 kobo to close at N1.66 per share and Continental Reinsurance Plc gained 5kobo to close at N1.15 per share.

At the end of trading, investor traded a total of 335.1 million shares‎ valued at N3.15 billion in 4,301 deals .